ED Seizes Properties Worth Rs 1.66 Crore In Land Investment Fraud

(MENAFN- IANS) New Delhi, Oct 22 (IANS) The ED attached immovable properties valued at Rs 1.66 crore in connection with duping of investors who were assured high returns from land projects by Shanthi Swaroup Satija and others, an official statement said on Thursday.

The Directorate of Enforcement (ED), Delhi Zonal Office-II, attached immovable properties on Wednesday under the Prevention of Money Laundering Act (PMLA), 2002, the ED statement said.

The attachment was made vide Provisional Attachment Order (PAO) No. 24/2026, representing the equivalent value of Proceeds of Crime identified as having been transferred to and held by Ganesham Build Developers and its Director Anil Kumar Sharma.

The provisionally attached properties comprise land situated at Village Dhani Gaiskan, Tehsil Virat Nagar, District Jaipur, Rajasthan, held in the names of Shri Ganesham Build Developers and Anil Kumar Sharma, the ED said.

The ED initiated its investigation on the basis of ten FIRs registered by Delhi Police and investigated by the Economic Offences Wing (EOW) under Sections 420 and 120B of the Indian Penal Code, 1860.

The investigation pertains to allegations that Shanthi Swaroup Satija, through Sampatti Trading and Developers and Sampatti Developers, induced investors to invest in various investment schemes and land projects by promising assured returns of 2-3 per cent per month, the ED said.

As per the investigation, returns were paid to certain investors during the initial period; however, the payments subsequently stopped, and the principal amounts were not returned to several investors, it said.

The ED's investigation has revealed that funds originating from entities controlled by Shanthi Swaroup Satija were transferred to Shri Ganesham Build Developers Pvt Ltd and Anil Kumar Sharma for the purchase of land in Rajasthan, said the statement.

The investigation revealed that Proceeds of Crime equivalent to Rs 1.66 crore had been transferred to and were held by the said company and its Director, the ED said.

As the original Proceeds of Crime had been dissipated, immovable properties of equivalent value have been provisionally attached to safeguard the value of the Proceeds of Crime, in accordance with the provisions of PMLA, 2002, the ED said.

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